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USA: Biden administration opposes mining

 


The US is not fundamentally opposed to cryptocurrencies or stablecoins. Mining, on the other hand, appears to be an exception because the environmental impact is unacceptable to the White House. President Biden had already introduced a corresponding decree in March . The White House is now presenting a comprehensive report on how the issue will be dealt with in the future.


Accordingly, one wants to examine exactly whether mining can be made permanently environmentally friendly. If deficits are revealed in this area, the report indicates that a ban could well be the consequence. This makes it clear that the US government is not explicitly against Bitcoin, but imperatively demands that the industry that has formed around it change.


Meanwhile, it is becoming apparent that Bitcoin will increasingly come under criticism. Because the mining industry is global and does not follow uniform standards with regard to environmental protection. In this context, access to cheap electricity is primarily crucial for the miners. It still plays a subordinate role whether the plants are fired with green energy or whether their ecological footprint is unacceptable.


Bitcoin is under pressure from the merger

A side effect of the merge is the role model function, which opponents of mining have been emphasizing for some time. As so often in the debate, experts and communities are divided by deep rifts. For most Bitcoin followers, mining is indispensable and the only way to adequately secure Bitcoin. The fears regarding the possible loss of censorship resistance and the security of the blockchain are too great.


On the other hand, Ethereum could soon become the darling of green politicians and environmentalists, who naturally favor a strong state and are therefore not interested in a new form of money that protects the individual from state intervention.


In any case, the latest report from the White House is a warning shot. The US mining industry needs to follow suit across the board and prove that mining and the green agenda are not mutually exclusive. Global mining share has increased 10-fold in the United States since China's mining ban. In doing so, cooperation with state control bodies within the USA is becoming indispensable for them.

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